BTC/USD Supported Above 26236: Sally Ho’s Technical Analysis – 20 June 2023
Bitcoin (BTC/USD) sought to add to recent upside momentum early in the Asian session as the pair moved back above the 26500 level after encountering buying pressure around the 26245.77 area, right around the 23.6% retracement of the broad depreciating range from 31050 to 24750. Selling pressure had previously intensified around the 26783.20 area, representing a test of the 38.2% retracement of the narrower depreciating range from 30050.66 to 24750. Bulls anticipate a decisive break above the 26587.57 area, an upside price objective above which Stops were recently executed and that is associated with buying pressure that emerged around the 24750 and 25143.24 areas. Below the market, downside price objectives include the 25323.24 and 24680.87 levels. Stops are also cited below major retracement levels linked to the 19568.52 and 15460 levels, including the 25094, 23954, 23255, 22278, and 22025 areas.
Additional downside price objectives include the 24440, 23208, and 22769 levels. Following recent price activity, areas of technical resistance and potential selling pressure include the 27528, 27737, 27805, 28200, 28473, and 28873 levels. Upside retracement levels in recent depreciating ranges include the 28700, 28741, 28868, 29243, 29299, and 29284 levels. Above the market, upside price objectives include the 30420.74, 31237.11, 31477.37, 32501.23, 32556.73, 32989.19, 34583.96, 34658.69, 35222.66, 37765.28, and 38403.97 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and below the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 200-bar MA (4-hourly) at 26654.83 and the 50-bar MA (Hourly) at 26470.61.
Technical Support is expected around 24440.41/ 23270.10/ 22769.39 with Stops expected below.
Technical Resistance is expected around 31986.16/ 32989.19/ 34658.69 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: Sally Ho’s Technical Analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.